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CNBC
Nov 19, 2012 4:00am EST
's shift to democracy in a first ever trip by a serving u.s. president to the country. but he cautions that his trip should not be seen as an endorsement of the country's sgoechlt. and oil futures hitting a two week high as international pressure mounts for a cease-fire in gaza. u.n. secretary general ban ki-moon is heading to cairo for emergency negotiations. good morning, welcome to the program packed full of fantastic guests to give you you updates and analysis on where we are in trade. if europe, higher by 0.8%. coming off the 3 1/2 month low that we saw in the close on friday, helped along by optimism on the negotiations to avoid a fiscal cliff state side. we saw quite a rally in the u.s. on friday's close and that is feeding through to europe here this morning. ftse 100 higher by 09%, xetra dax by more than 1% and ibex 35 more than half a percentage point. the bond markets, the question is whether or not we'll see a lid on on bond prices on treasuries especially if we manage to overt a fiscal cliff scenario, if we see productive talks continuing. right now we're seeing the yield
CNBC
Nov 16, 2012 2:00pm EST
. thanks for joining us. we've got more news on the fiscal cliff negotiations and the markets going forward but we begin with some breaking news from belize. john mcafee, who's been on the run essentially hiding on his own compound in belize is joining us now by telephone. robert frank has been following the story. he has been going back and forth with mr. mcafee and he joins us as well. robert? >> john, are you with us? >> i am with you, sir. hello, robert, hello, brian. >> good to hear you, john. john, tell us first of all, where are you? you've been in hiding, not telling anyone where you are all week. can you tell us roughly where you are? >> roughly where i am? well, where i am most of the time. i am certainly inside of my compound. >> so you're still in belize. do you know anything about this murder? did you know this guy who was murdered, and did you have anything to do with it? this is what the police really want to know. >> i had absolutely nothing to do with it and i did know him but just barely. we spoke perhaps 50 words in five years. >> okay. tell us a little bit about this bac
CNBC
Nov 22, 2012 4:00am EST
, decline in manufacturing eased a little bit more than expected in november. joining us, chief european economist. ricar ricardo, thanks for joining us. so still a negative territory. what does this point to in terms of the economic decline for the fourth quarter? >> i think it's in line with the idea that real sgchlt dp will decline by at least 0.2%, possibly 0.3%. it will give us a negative entry point in 2013 when i expect an average growth of minus 0.2%. so still moderately recession territory. >> the german flash composite pmi 47.9, services 48, manufacturing 46.8, is germany -- we just saw the 0.2% print. is girl aermany going to have a negative contract? >> i'm looking for a contraction of minus 0.2. so only aed modest one. i expect activity will stabilize in q1 of next year, but obviously that requires a favorable external environment, meaning u.s. not going into this deep due to the fiscal cliff. and also signs of improvement in asia. >> meanwhile the french pmi says the survey there suggests a 0.7% gdp drop in quarter 4 for france. >> that seems quite large. we've seen in rece
CNBC
Nov 30, 2012 4:00am EST
. concretely, we must identify the bottlenecks that prevent the vast resource of the euro area being used most fruitfully. the world bank's latest doing business report highlights greece as one of ten countries that have most improved the ease of doing business from a rather unfavorable level. the momentum is clearly going in the right direction, although much remains to be done. spain and portugal were among the countries that marie solving insolvent firms easier. crucial agreement for restructuring the economy in this transition period as resources must shift from unproductive to productive activities. it is the latter that create jobs. this reallocation process, though sometimes painful in the short run, i'll say always painful in the short run, carries the seed of future prosperity. a growing body of knowledge shows that by increasing the ability of the economy to adjust so that factors can be reallocated to the most competitive firms, aggregate labor productivity can increase substantially. some studies indicate a gain of as much as 20 force 30%. the current focus on competitiveness in fr
CNBC
Nov 12, 2012 1:00pm EST
we have been hoping for for four decades now will arrive and the u.s. will serve up more oil than saudi arabia in the year 2020. that according to a new report by people who actually do know the oil business very well. >>> and sex and the ceo. and the collateral damage. how widespread is sex at work? we really want the answer to that question? >>> what should the consequences be. >>> and no hockey. forget about that. no problem. look what the world of auto racing brought us over the weekend. a brawl! another black eye for a sport that corporate america was counting on? no fighting here at cnbc. sue's with me here again. nice to have you here, sue. >> it is great to be here, ty. those "fast money" guys got me all riled up over there. they're having a good time. >>> we're going to take a look at the markets right now. dow jones industrial average has turned into positive territory, not by too much, but hey if you're a bull, we'll take it. the s&p is up two. the nasdaq up almost eight on the trading session. >>> we here at cnbc, as you do, follow the energy sector very closely on "po
CNBC
Nov 20, 2012 4:00am EST
liquidity concerns in the market martin schultz is with us. thanks for joining us. is this a sign of things to come, a big standoff with japan? >> well, it's rather surprising that a hopeful government coming in is picking a fight with the bank of japan when they're starting off. what is happening here is that it seems that the ldp doesn't really have a growth strategy right now and the frustration in industry with the strong yen and slowdown in export is tremendous about that. >> big problems if we have unfettered money printing. would there be as he also says 30 years of deflation? >> well, one of the lessons we have here is that many different monetary policies didn't work so far. we still have an economy that is in restructuring mode with many corporations. so sony, sharp, still trying to get back on their feet. on the other hand, we also have an economy that is slinging simply by aging and what would be needed would be strong growth policies and this is what the bank of japan will be pushing when he's in office. on the other hand, deflation is there, printing more yen might be helping
CNBC
Nov 21, 2012 4:00am EST
them. i'm afraid the details haven't been shared with us. >>> hillary clinton joins egypt in attempting to broke aerodeal between israel and hamas. strikes on gaza and rocket attacks into israel continue. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> all right, we're into hump day, the day before thanksgiving, of course, as well. on today's show, we'll have updates from athens and brussels as the eurozone ministers fail to ruse a deal for greece. air strikes and rocket fire continue in the gaza strip in tel aviv, as hillary clinton urges both sides to diffuse violence. we'll have the latest live from zree israeli. we'll also take the pulse of the polish country. analysts from warsaw 40 minutes from now. >>> we'll be in providence, rhode island, to preview travel ahead of the thanksgiving holiday with the head of operations at peter pan bus lines. >>> but first, after nearly 12 hours of talks, eurozone finance ministers have failed in their quest to agree conditions that would have allowed the next chance of bailout cash going to greece. w
CNBC
Nov 14, 2012 5:00pm EST
a deal. starbucks ceo joins us first on "fast money." is apple the new coke? a top rated analyst weighs in on why you think it might be the time to cash in on the most popular stock. we told you how to trade it last night so what should we be doing right now? we have to get to the market. we raised 1,000 points in the dow in just a the past month. and the nasdaq down 10%. what exactly is dragging the market lower? even though the loss is accelerated his first news conference since being reelected do you think it is something other than -- >> when you call me by my full name it's like i'm in trouble. >> what is it in. >> it is a great explanation. it makes for great headlines. there is a slow down in earnings that we have seen every day. there is a deteriorating situation in europe. i think it seems to be germany and france getting dragged into this thing. you have geopolitical risks. there are a number of reasons that the market is going lower not least of which is a technical break that we have talked about on the show hundreds of times. the fiscal cliff is interesting. that is just so
CNBC
Nov 15, 2012 4:00am EST
advisers austan goolsbee on how the u.s. can avoid falling off the fiscal cliff. plus we'll take you live to tokyo with japan hit by election fever. the yen is falling as a repeated call for bold monetary easing. and we'll be live in new york 5:45 a.m. for a look at the u.s. retail sector. walmart and target getting set to release third quarter numbers. >>> chig that's ruling com uhe nus party has lifted the curtain. the unveiling seals so s xi jins rise. hu has seeded oig all powers and that's gives china's next leader a strong mandate. eunice has more for us this morning. it sounds like a pretty signature consolidation of power under xi. >> definitely is a consolidation of power. he'll get a very strong mandate as you had mentioned to run this country the way that he wants. he gets the three top titles, the most powerful are party chief, president as well as military commander. that is very significant because it allows him to have more control over his own agenda. when he went to meet the press this morning, he was looking very casual, looking a about folksy. when he was youtd lining t
CNBC
Nov 21, 2012 9:00am EST
thanks to you. happy thanksgiving to all of you. join us on friday. that does it for us today. right now it's time for "squawk on the street." >>> you can have all the turkey you want tomorrow. good morning, welcome to "squawk on the street" i'm carl cramer is off today. some word the fiscal cliff negotiations are not getting off to a good start. moderate red arrows. european leaders failed to reach a bailout payment to greece and will try monday. road map starts on the busiest travel day of the year. there are signs it could be a big quarter for airline and travel, but traditional toys look weak. walmart may have protesters outside its doors on friday. >> deer misses earnings, and the market shrugs it off. >> turmoil in israel with a bomb explosion on board a bus today and a rumored cease-fire that never happened. crude is up $1 as the secretary of state has arrived in cairo. a big day full of planes, trains and automobiles with tens of millions of americans set to embark on their holiday weekend journeys. our phil lebeau is in chicago with more on the holiday travel landscape. how pain
CNBC
Nov 20, 2012 6:00am EST
forces claiming to have targeted 100 gaza sites. the u.s. secretary of state hillary clinton is on her way to the middle east for talks with officials in a bid to try to end the deadly crisis. we've been watching oil prices, as well. and after sharp gains yesterday, you can see oil prices pulling back about 27 cents, still just about $89 for wti crude. we will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. >>> let's talk about some of the main market events of the morning. actually today fed chairman ben bernanke's speech at the economics sclub of new york is coming up at 12:15 eastern time. traders will be listening no any comments on the central bank's operation twist program and discussions about changing how the fed communicates about interest rates. operation twist expires next month. and there is some speculation the fed will continue making asset purchases by expanding the size of its $40 billion a month quantitate of it easing program. also on the economic agenda today, october housing starts released at 8:30 a.m. an
CNBC
Nov 15, 2012 7:00pm EST
story. that moves us close to stalemate and recession. that's right. still not much talk about spending cuts. so tonight we have budget cutting hawk jeff flake, the senator-elect from arizona. then there's this -- >> watch out. they're stealing the hostess twinkies. >> watch this. here's your reward. >> thanks! >> the question is, will the union succeed in stealing the twinkies forever? the ceo of hostess speaks out and speaks to us about this subject. >>> first up, breaking news out of the middle east. at this hour, israel giving the green light to call up 30,000 reserve troops and is moving forces toward the gaza strip. this is war. this after tel aviv came under rocket fire attack for the first time in 20 years today. and where is president obama on all of this? let's get right to our special guest this evening. we have former assistant secretary of state rich williamson and syndicated radio talk show host john boutzer. how much injury they inflict on hamas? i want to know if the total blowout is possible? >> yes, it is, larry. why that is critical is because egypt is involved profou
CNBC
Nov 15, 2012 6:00am EST
today. also, the ceo of mellon will be joining us to talk about the markets. as we've been talking about, the biggest issue for the markets right now seems to be the uncertainty surrounding the fiscal cliff. yesterday business leaders urged president obama and lawmakers to prevent a year end across board tax rise that will go into act unless congress acts. >> he understands it requires a combination of tax increases and title refor and discretionary spending cuts that dnl democrats and republicans have to work together. i'm is sure there will be a lot of forth and back between republicans and democrats, the congress and the president as they start to work their way to a deal. but i'd say there's strong recognition of the significant of getting a deal for the ben fft t benefit of the american public. >> this is all about trying to make american business more competitive, trying to have a fair balanced approach to tax refo reform. the president was clear he wants a balanced approach and we were clear we are behind him. >> top the president and top member of congress will be meeting. cnbc i
CNBC
Nov 16, 2012 4:00am EST
the stage for a possible comeback. >>> and president obama meets with top u.s. lawmakers to begin budget talks as the fiscal cliff looms. both sides are digging in their heels on on tax hikes and spending hikes. against all of the political changes we're seeing today, first i want to show you the market action. stoxx 600 is sitting roughly flat, but we've seen interesting trading session where the nikkei really surging to the up side again today. more on that in a bit. take a look at what's happening across europe because after a couple of uglier days in the market, we're seeing something of a comeback now led by technology, retail stocks are also in the green, food and beverages, autos among the sectors dragging on the in-dek. we can take a closer look at the bourses. ibex is down. ftse 100 sam thing, so we'll keep an eye on all these levels as the show progresses this morning. the bond space is where we've been focusing our attention with spain and greece on. spain today seeing prices rise, yields coming down to 5.78%. italy seeing a bit of a rally, too. selloff for britain and bund oi
CNBC
Nov 23, 2012 4:00am EST
waiting for the ifo sentiment index, see whether it confirms what the pmis have been telling us this week about the german economy. suggests we may be heading into possibly contraction territory. expecting it to be around 99.5 versus 100. expectations entex is frft at 93.2, unchanged from the previous reading. not out yet. kathleen brooks is with us. i'm not sure why we don't have it but anyway, whatever your expectations are for this, how close is germ 234i going to skirt with contraction in the fourth quarter? >> it certainly has been slowing down and it looks like there's the possibility that even germany is starting to have some mild contraction and maybe even in the technical recession i would think over the next two quarters. the economic indicators have been coming down in determine any, there had been an expectation that consumption kicks up more in the country. which it has a little bit, but a little less than maybe people have been expecting. obviously the fallout from the international crisis and the backdrop is not really helping. >>. >> euro-dollar edging up to a three week h
CNBC
Nov 20, 2012 4:00pm EST
if we get the huge grand bargain or not. they just don't want us going off the cliff. i think the fix is in definitely that we are not going to go over the cliff. >> all right. let's talk a bit more about that. brian, what's your take on this? >> you know, i have to agree. i think they work it out. i go back to a statement that boone pickens had on your show last week. it's really apropos. let the monkey do his thing. if you just wait, you'll get a better show. i think that's what's going to wind up happening with the market. right now we see a great opportunity going forward. >> rick santelli, what did you see today? this market finishing well off the lows. in fact, as we're settling out, it looks like we're finishing out just down seven points. had been 94. >> i agree with you. to me it makes perfect sense. i don't think there's any new information in what ben bernanke said. if you say things that imply a weak economy, the market will sell off every time you say it. the market did come back. i question both the guests' opinions. i think the fiscal cliff is important because a lot of
CNBC
Nov 14, 2012 4:00pm EST
is joining me. we also have john buckingham of al frank asset management. thanks, everybody, for joining us. first, michelle, let me get your news, the latest on the attack out of israel on hamas. this, of course, another major news story today that we're following and the reason oil prices have spiked. >> the latest is the israelis have said there's going to be a lot more of what you've already seen. let's show you what's already happened. this video is incredible. it's released by the israeli defense forces. follow that car. what you'll see is not a car bomb. it is a targeted attack by the israeli air force. inside the military leader of hamas was directly targeted. this is operation pillar of defense. it was announced today on twitter by the israeli defense force. take a look at what the spokesperson posted on twitter. he said, we recommend no hamas operatives, whether low level or senior leaders show their face above ground in the days ahead. one of the reasons why oil spiked earlier. the israelis say this is in response to hundreds of rocket attacks coming into gaza over the last sever
CNBC
Nov 16, 2012 4:00pm EST
. the dow is up by 44 points. the nasdaq up by 16. the s&p 500 joining us there gaining 0.5% or about six points. >> yes, i ran fast, mandy. earlier today, john boehner, the speaker of the house, spoke. the markets spiked. as you hear this sound bite, we're going to show you the dow intraday, what it did, and where you see the spike. it's a spike of more than 100 points. that's when speaker boehner spoke. listen to this. >> i believe that we can do this and avert the fiscal cliff that's right in front of us today. >> is this really what led to today's midday turn around, or was it something else? let's talk about that. quincy crosby joins us. mark spellman and kevin carone. quincy, is it that simple? they came out, they used the word constructive, framework, corner stone, all those positive words, and the market took off. >> absolutely. i was watching the body language when they finished up. they walked together. they didn't separate. the market kept making gains. it was that immediate. >> mark, do you agree? >> yeah, i think it was important. we've been looking for good news. the fact th
CNBC
Nov 21, 2012 2:00pm EST
much. >>> let's get straight to nbc's jim maceda live in cairo. jim, tell us the very latest on this cease-fire which we believe is kicking off right now. >> reporter: right. right now. 9:00 p.m. my time, 2:00 p.m. eastern on this day eight of the conflict. u.s. secretary of state hillary clinton announced about an hour ago that a truce had been reached between israel and hamas. so starting now, israel stops all military action in gaza, including those targeted killings. palestinians, on the other hand, will stop launching rockets on israel and border attacks on israeli troops. but there is no signed agreement. this is very important. instead, israel and hamas have agreed on an understanding, a kind of exchange of quiet for quiet, if you will, which will be the first phase. that will be followed by a second phase of intense negotiations. those will be anchored and supported and guaranteed by egypt and the united states to try to resolve the key demands on both sides. the sticking points are still hamas wants the blockade of gaza lifted immediately. israel wants an immediate e
CNBC
Nov 8, 2012 7:00pm EST
and a capital gains tax hike. superstar investor ken hebner tells us how to get through this period. >>> also, american drone and international airspace days before the election and kept secret until now. is that a coincidence? >>> and on election day, voters in two states allowed recreational use of marijuana. is this the gateway to liberals legalizing rampant drug use in this country? janine turner is going to join us. >>> within the hour, word that president obama will make a statement on the fiscal cliff and the economy at 1:00 p.m. tomorrow. the congressional budget office issued a new scenario of what happens if the president and congress fail to act. eamon javers joins us now with the details. good evening, eamon. >> reporter: good evening, larry. as you say, we're getting news tonight we're going to get dueling appearances tomorrow between speaker john boehner and president barack obama. the speaker will address a crowd of reporters at 11:00 in the morning. he will take questions from the press. we're told obama will speak at 1:00 in the east room of the white house and will not take
CNBC
Nov 21, 2012 1:00pm EST
time, 2:00 p.m. eastern time here in the u.s. the deal announced by the egyptian leader, mohamed morsi, and secretary of state hillary clinton. it was later confirmed by israeli president benjamin netanyahu. comes just hours after a bomb blew up on a bus in the heart of tel aviv. dozens were injured. so far no claim of responsibility but hamas called it a blessed event. within the last few hours, israeli air strikes continued in gaza. this is video of secondary explosions when an hamas weapons depot was hit. michelle caruso-cabrera, our chief foreign correspondent is watching reaction at the nyse. michelle? >> that pushed the dow to the highs of the session. the announcement of the cease-fire got us another 25 points. we have come off the highs, 12,839 is where the dow stands right now, higher by more than 50 points, .4%. president obama reportedly just spoke with israel's prime minister benjamin netanyahu. john harwood joins us now. john, what can you tell us? the white house had a lot at stake here by sending hillary clinton to try to get this resolved. >> reporter: absolutely. and t
CNBC
Nov 19, 2012 9:00am EST
for government to set the context and not just focus on fiscal issue and talent and entrepreneurship. >> join us tomorrow. "squawk on the street" begins right now. ♪ let's do it ♪ >> a holiday shortened week but no lack of news heading into black friday. welcome to "squawk on the street." i'm carl quintanilla with melissa lee, jim faber, jim cramer at the new york stock exchange. a rally on our hands. whether that's about continued reaction to the meeting between the white house and congressional leaders on friday, maybe some hopes about finance ministers in april or hopes about what bernanke may say say tomorrow in new york. europe also on a tear. most of the major averages up 1% to 2% here as we await a big week in europe as well. we start with the markets. new optimism about the cliff. president obama in myanmar saying he's confident the fiscal situation will be dealt with hours after he hit the phones calling top ceos. >> lowe's shares on better than expected earnings. the results renewing hopes this morning about the housing recovery. >> international pressure mounts for israel and gaza
CNBC
Nov 21, 2012 3:00pm EST
, it really wasn't. as a i talk, you can look at ten-year for every major developed economy. the u.s., the germans, the french, the u.k., the japanese. month to date, the patterns are almost all die dent call. with all these variables, elections, mideast, fiscal cliff, it seems as though there's only so much flight to safety bid you can push into the marketplace. some traders say that's why you didn't notice. in the old days, it would make a difference. yields are already most accommodative from a nervousness standpoint. i will tell you it was the number one conversation. and even though it really isn't about oil, that's the market everybody is trading to of course kind of play the headlines. >> michael, how about you? how does this impact the way you're allocating capital? >> well, as you know, our strategy is about 45% in cash while the prefunctory -- what we'll have left to boost us higher. i think the market does go higher. here's why. you have $85 billion each month from the federal reserve as far as balance sheet expansion. you have negative real interest rates that will be get
CNBC
Nov 16, 2012 6:00am EST
u.s. equity futures are down by about 21 points. s&p off by 3 1/2. and as we've been talking about daily, the looming fiscal cliff is a big piece of the market story. today barack obama is officially kicking off budget negotiations. at issue is a one-two punch. we have expiring bush era tax cuts and across the board spending cuts both set to hit in january. simpson and bowles with a warning to washington about what's at stake. >> if we get over on the cliff, we don't have a deal, and the market doesn't anticipate that we're actually going to be so stupid as to go over the cliff, then i think you'll see the market really crash and i think you'll see the rating agencies downgrade our credit again, you'll see fitch and moody's join s&p. i think you'll see corporations lose confidence. you'll see them slow down hiring, stop capital xebd churs, capital will go on on strike, it will be a hell of a mess. >> leaders of both parties think it would be to their advantage to go off the fiscal cliff. what a 12 straight that is, that we could win more as democrats if we let it go or we can win m
CNBC
Nov 16, 2012 1:00pm EST
were used. two seem after a key meeting between president obama and congressional leaders. however, a nuclear threat remains. a report that just came out a short time ago will add to worry on everything. the international nuclear agency says iran has just made some progress toward a nuclear weapon. >>> sue herera is off today. simon is in at the new york stock exchange and we will go to him in a moment. >>> but our top story is inz of rising above. maybe, just maybe. john harwood at the white house as a meeting between the president and congressional leaders wrapped up within the last hour or so. john? sum it up for us. >> tyler, it's a long way to the finish line but if you want to have a positive auspicious start to the negotiations, that's exactly what we got here at the white house. president obama brought the bipartisan leaders together. he spoke from a position of confidence having just won the election but he said we need to find common ground and when the bipartisan leadership walked out of the white house and addressed reporters in the driveway, positive notes were all the
CNBC
Nov 19, 2012 1:00pm EST
, and is it sort of the transcendent deal that some people would like or is it a stopgap to get us into the new congress? >> exactly. it will be a stop gap measure because of two simple reasons. a quarter of congress is turning over. they won't make a big deal in front of that. two, house leader boehner has to get re-elected by his party in january. he's not going to put a big deal in front of that. flip side is, no deal. i don't think the president will let that happen because he doesn't want to start his second term as president the way he started the first which was in a recession. but finally, what people fail to forget -- congress needs to go home for holidays. if they go home with no deal they will be criticized by their constituents. >> there are very few working days left when congress comes back from this thanksgiving break. >> remember what happened. t.a.r.p.? they didn't approve it. went home for the holidays, got criticized, came back and approved it. >> you see some stort of stopgap that averts the immediate tax hikes an spending cuts as of january 1, and that there is then some co
CNBC
Nov 15, 2012 2:00pm EST
on what binds us together and that we as americans are going to stand with each other in their hour of need. now, more specifically we are now still in the process of recovery. as you can see as you travel around parts of staten island, as we flew over parts of other parts of the city and the region that had been impacted, there's still a lot of clean-up to do. people still needrgency help. they still need heat. they still need power. they still need food. they still need shelter. kids are still trying to figure out where they're going to be going to school. so there's a lot of short-term immediate stuff that has to be dealt with and we are going to make sure that we stay here as long as people need that immediate help. that's fema's primary task. we'll be coordinating closely with state and local governments to make sure folks are getting the short-term help. but what we've also already heard there's going to be some long-term rebuilding that's required. you look at this block and you know that this is a community that is deeply rooted. most of the folks that i met here have been h
CNBC
Nov 20, 2012 9:00am EST
very much. we appreciate it. both come back soon. that does it for us. make sure to join us tomorrow. >>> good morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, jim cramer and david faber live from the new york stock exchange. let's get straight to our top story. a bombshell involving hewlett packard sending stocks down sharply. david broke the story. he has details. >> hewlett packard out with quarterly earnings this morning but the real story is part of that earnings release allegation the company was the victim of a massive fraud when i purchased a u.k. company, $11.1 billion deal that closed in october of last year. hp has taken 8.8 billion write-down on autonomy and 5 billion due to serious improprieties and misrepresentations and disclosure failures that occurred prior to its purchase by hewlett packard. in other words, it's fraud. after autonomy's founder and ceo michael lynch was fired by meg whitman, sources close to the company tell me a senior executive from autonomy came forward with evidence of widespread accounting misrepresentations tha
CNBC
Nov 21, 2012 12:00pm EST
're following today. the ceo of israel based soda stream speaks to us live as a bus bombing rattles tel aviv. but first, let's get to the story all of wall street is watching and that's the trading scandal that is embroiling sac capital. kate kelly has the latest. >> thanks so much, scott. there's a lot of talk of course and one big question given this is just the latest development in an ongoing federal investigation of potential insider trading dealing with former employees of the firm, but yesterday's news which involved the arrest of a former sac employee appears to have drawn stevie cohen into the fray as well. although he is not named by name in the federal or s.e.c. complaint, it clearly seems to be he who discussed one of the trades involved with this former employee and in fact authorized the trade to take place although we don't know what cohen knew about whether the information was ill gotten or not. so the question now becomes what is the investor reaction? are people thinking of redeeming the money from sac or not? this is a firm that has really outperformed, especially in recen
CNBC
Nov 14, 2012 9:00am EST
not only surprises the street with a beat but says the u.s. enterprise business is showing signs of improvement. >>> and abercrombie silences the shorts. >> the president is scheduled to meet with a dozen ceos this afternoon to hear their concerns about looming tax increases and spending cuts. 73% of participants in a "wall street journal" ceo council conference said the fiscal cliff is their primary concern. goldman chairman and ceo lloyd blankfein talking about the importance of avoiding the fiscal cliff. he writes there's more than a trillion dollars of cash that is sitting on the balance sheets of u.s. nonfinancial companies with certainty about tax rates, companies will increase their capital expenditures currently at anemic levels contributing to a virtuous cycle of jobs and growth." if there was a disagreement as to whether this is becoming a mainstream story. story of "usa today," a giant cliff and inside a chart of how it will affect people. this is getting real. >> the editor of "usa today" is the single best print journalist going today. he understands what the pulse i
CNBC
Nov 14, 2012 7:00pm EST
will keep us off the fiscal cliff. by the way, that signal cost stocks 185 points on the dow. and because those tax hikes not only threaten future economic growth, they also include big penalties on capital gains, dividends and other forms of investment. plus, get this. the president wants a $1.6 trillion tax hike over the next decade. itself, a horrific number and begs the question, what is the government going to do with all our money? >>> and have you seen this video? in response to weeks of rocket attacks, israel gets their man with this missile attack on the military leader of hamas. now, israel is launching a full-scale ground attack on the hamas terrorists which are backed by iran, of course. by the way, this is all happening while we have no cia director here at home. >>> first up today, in his first news conference since being re-elected, president obama, with rhetoric sometimes reminiscent of his tax-the-rich campaign mantra, he appeared to dig in his heels on extending tax cuts for the wealthiest americans. take a listen. >> there is a package to be shaped. and i'm confident th
CNBC
Nov 15, 2012 9:00am EST
territory. >> the head of mcdonald's u.s. business is out and jeff stratton will assume that business starting january 1. capped off last month with the first decline in monthly sales in about nine years. we'll begin with a teale of two retailers. walmart, revenues coming in short of forecast. -- as for target, the company posted third quarter earnings well above estimates, says it's poised for a strong fourth quarter, but walmart has some issues here, jim. they're talking countries including but not limited to brazil, china and some others too. >> yeah, i was thinking it bick, not brick. russia has been left out of the equation, foreign corrupt investigation, not a great number here at all. the stock had become a very big institutional favorite. if you recall during the mexican investigation, when "new york times" piece it, the stock was trading between 57 and 58. they were then overridden by a couple of really good, solid quarters. this was not the quarter that anyone was looking for. >> except for those who sold the stock over the last couple of weeks. i mean that stock has started
CNBC
Nov 19, 2012 2:00pm EST
and women that got us to the fiscal cliff. i'm not as optimistic as some. but -- but -- if we fall on fears, if they get a deal, does the market surge? >> well, i don't know about surge. i think the market -- >> why not? if we lost 1,000 points, wouldn't we gain it right back? >> there are other reasons for the loss of 1,000 points. . wasn't just the fiscal cliff, in my estimation. earnings season was not particularly great. it was the first kind of poor earnings seen we've had in many, many, many earnings seasons and i think there's some real question as to how robust the economy is right now and i think there is a lot of people that were upset over the results of the election and the stock market. there were hopes there would be a romney administration. that didn't come to pass so i don't think the smasht liked that. petulant as thatby mafr may be given how the market typically performs under democrats, that said, let's face it, most people on wall street were hoping for a republican victory and that didn't happen. the reaction was to sell the market off. he think there's more at play her
CNBC
Nov 19, 2012 3:00pm EST
-bi-ya moment after the meeting. they said nothing across the pond will hurt us, let's buy here. >> no sense of urgency right now. does the market feed off that? is that what's going on here? >> i continue to look at the treasury market. you can look at a chart overlaid with the stock market. we were following themmer earlier, especially with the opening you describe, then it started to fall off. treasury market seems unimpress unimpressed. i'm in agreement with art, which is a good thing because art is mostly right, that is, nobody's driving the car from a political standpoint. that's the only time i can say a car without a driver is a safer car to be in. the market is reflecting that. if you want to look at something to give you a good clue, watch the euro relationship with our stock market and the global stock markets. that relationship is directly correlated and something to pay attention to. >> as the euro goes, so does our markets. stand by, we have break news on a story we've been watching on hostess. kayla has that. >> the latest is that the u.s. bankruptcy judge said that the partie
CNBC
Nov 15, 2012 1:00pm EST
sonders, schwab's chief investment strategist is with us. she's fired up about the fiscal cliff. she says congress has to rise above -- she's wearing one of our pins, ty and simon. we'll talk to her about what the implications are if congress does not rise above. all of that straight ahead. >>> but first, i'll throw it down to simon hobbs down at the nyse. >> hi, sue. one of the immediate implications of course is the way in which the market is behaving. the dow is at a five-month low, the s&p 500 at a four-month low. we have just begun to cut some of our earlier losses within the last few seconds. we've regained 1.350 quite cover the comfortably. kenny, you are worried here now for the afternoon. why? >> i am worried. we were struggling to hold on to 1,350. you can feel it's testy. if the news coming out of the mideast gets any worse as we proceed through the day, i think you'll see investors taking money off the table as the situation develops. >> it goes on day after day. >> it does, except the situation now in the mideast is all of a sudden really elevated to the top between yesterday
CNBC
Nov 19, 2012 6:00am EST
've written -- you've tried, you've tried hard, your other book was hcapitalism will save us if we let it. why flee markets are moral. and big government isn't. you sat down and said i guess the battle will continue because this last election no one read those books, i guess. they must have, but not enough people obviously. you didn't give them away. maybe that's why. but the one thing that -- >> i offered it to the romney camp, but they didn't take it. >> we tried to get romney on here a bunch of times. don't get me started on people that ran that campaign for him. but you were looking for one silver lining when you sat down and all you could come up with was that there are some governors that might not implement the exchanges for obamacare. is that the one thing you're positive about this morning in. >> short term we'll have a lot of turbulence and no small part because the federal reserve is still out to trash the dollar. europe, all the european countries are raising taxes. japan's raising taxes. we're going to raise taxes. just a matter of how much. so we'll have rough sledding next year.
CNBC
Nov 14, 2012 3:00pm EST
since taking over that troubled company, and charles schwa b's ceo will be joining us as well. >> also, israel launches a massive military operation in response to hamas. >> gold also higher. one of those days where energy went higher and stocks went lower. we're setting lows right now. the dow down 126 points at the 12,629 level. the nasdaq and s&p are also moving lower. the nasdaq has moved into correction territory, down about 10% from its highs set earlier this year. the s&p is down sharply as well at this hour. so it was those fed minutes, the continued fears we may go over the fiscal cliff as the negotiations are being carried out so far in a very public arena right now. we are off the worst levels of the day, but will these concerns keep investors out of the market right now? let's talk about that, shall we? >> that's what we want to in today's "closing bell" exchange. neil, let me kick this off with you. good to see you. thanks for joining us. as somebody who's putting capital to work in this market, you see a market that is down 600 points on the dow industrials. just since th
CNBC
Nov 15, 2012 5:00pm EST
. lionsgate vice chairman tells us what the company needs for the bottom line. what the unrest could mean for the markets. but first, our top story. that is the markets extending their selloffs. the s&p 500 now down nearly 8% in two months. the nasdaq 100 down 11%, firmly in correction territory. the s&p 500 has lost more than $600 billion in market cap since the president was re-elected. so the markets here? >> there's no real reason to rush in. why don't you just wait another month, month and a half or so and see how it all plays out. to me, you're looking at higher taxes and a timeline that is not conni conducive to a fix. the market needs a long-term fix. entitlements are the biggest issue and they don't have enough time to fix it. >> in terms of technicals, another select death match is out there. we're going to grind possibly lower do. the technicals matter in this weird situation? >> i think they matter. i think we've done a decent job identifying them. i was surprised we didn't bounce more than we did. but now i think 1323 comes into play. we can discuss why that is later. but i c
CNBC
Nov 14, 2012 1:00pm EST
combination that will keep us from going off the fiscal cliff. i think you also have to realize that you have people on both sides who it's not going to be a matter of whether or not you drive off the fiscal cliff. it's going to be how high you make the flames go. you have to realize that you can't get those people probably so you want to get as many people as you can in the middle, republicans and democrats, to get the votes through to get a package that will make our economy stronger and deal with the tough choices that have to be made that have been put off for a long time. >> do they take us over the cliff, nick? do you think they'll get it done in time or not? >> oh, i'm an optimist. i don't know that they'll get the entire deal done. i think what you might see, sue, is getting a deal in place that puts a down payment down and provides more time to try to get l of this magnitude done in the next six weeks i think is very difficult as a practical matter, as a human matter, because you've got to bring people along to the point where they're willing to vote yes for something long term. >> y
CNBC
Nov 20, 2012 3:00pm EST
bell" will have much more on this deal. >> down 54% year to date. thank you so much for joining us today. >> i'm off tomorrow. you got here. happy thanksgiving, everybody. >> "closing bell" is next. >>> hi, everybody. we enter the final stretch. welcome to the "closing bell." i'm marcich -- maria bartiromo the new york stock exchange. a shocking loss at hewlett-packard, damaging the entire market. the story broken here on cnbc by david faber earlier. >> this has been a really newsy day for a holiday shortened week. i'm bill griffeth. let's show you the markets, how they've been trading here. it will be pretty evident when ben baernanke made that comment that the fed doesn't have the tools to deal with the economy should we go off the fiscal cliff. down it went. we were down 94 points on the dow on the low of the session. now off that low, down 39 at 12,756. nasdaq's lower. apple is also lower today after that monster 7% plus rally yesterday. it's down about a percent right now. the nasdaq down 8-plus points. the s&p is down 3 at 1383. >> not a lot of news from the bernanke lunch ex
CNBC
Nov 16, 2012 9:00am EST
-- there will be people like the republican from idaho saying his job is to stop us from rising above. he's saying that rise above thing, this is the way i read it. cnbc is doing it and it's nonsense. what's important is to stop anybody who might go for compromise. these people shoot down what happens today and they make anybody who was fooled into buying realize it was a thing that was floated and didn't work. anything can happen. i want to caution people that there are going to be many moments where it seems like there's a deal and people fight the deal which is why we have featured the notion of rising above. the fighters have to give way. >> carl, i do think it's important in terms of what we're hearing from the journal to start thinking -- i mentioned this yesterday. i don't have sources that journal has in washington but i did have a couple conversations with senior business leaders who at least seemed to be aware of the policy making choices that were coming. this idea that we'll find ourselves moving this debate into next year, there may be some sort of package of smaller spending cuts, ex
CNBC
Nov 19, 2012 12:00pm EST
will see you tomorrow. that does it for us on "squawk on the street." let's get back to headquarters. >> carl, thanks very much. welcome to the halftime show. power hours go until the close on this monday. pretty good day it is. highs of the day right now. a gain of 163 points. s&p and nasdaq having a big day today on the back of apple. we will talk about that and much more in just a moment. here is what we are followinging on halftime today. flash point as the conflict escaltes into tes can a dashes can a lates in the middle east. top analyst says stay away from apple. a top trader says buy it. they will go head-to-head over america's most loved stocks. today's big rebound. it comes on renewed hopes in washington. will congress rise above and what does a fiscal cliff fix mean for your money? our traders today, joe terranova, john najarian, josh brown. are you buying stocks today or feeling betber the market? >> no, not really. today is really positive action. we should have bounced here. and we did. especially when you look at apple. it was at a key level of support. today we acted
CNBC
Nov 14, 2012 12:00pm EST
on in the enterprise space today. that does it for us. let's get back to headquarters, w wapner and "phat money halftime yt ". >>> it is thus far a down day on wall street. dow industrials down by 50 points. here's what we're following on the "half" today. new coke. we're talking -- we're not talking the soft drink but america's most loved stock. is apple becoming more like the real thing? about face. facebook symptom surges even as millions of shares hit the market. is the expiration of the biggest lock-up your signal to buy? first our top story, locked out. when president obama meets with several of the nation's most influential ceos at the white house today to discuss the fiscal cliff and the economy, not a single banking boss would be in attendance. not jamie dimon, not lloyd blank fine. no one. how is it that wall street has no representation in wall street today when the fiscal cliff is by far the issue that matters most to the markets. >> thanks for inviting me on. >> if the president was looking for a better relationship with wall street this go-round, he has a heck of a way of showing
CNBC
Nov 21, 2012 7:00pm EST
obama still hasn't given the green light to the keystone pipeline that would give us jobs and energy n independence? now a truly bipartisan group of senators is telling the president to make a decision right now. first up this evening, this is the big question. will we get a deal done or might president obama just let us go right over the fiscal cliff, take the recession, and simply blame the gop? this is a serious question that i'm hearing from washington all the time. so let's talk. we have cnbc contributor jack bernstein, former chief economist, and art laffer, former reagan adviser. i'm not attacking obama or anything. i'm just saying there is a lot of talk of stalemate. well perhaps go through where, why and how. staffs have been meeting unsuccessfully. some people are saying, art, that the scenario is going to be that president finally throws up his hands and says there is no deal, we're going to have a stalemate and we will tall off the fiscal cliff into recession and then he will blame the republicans. what's your take? >> i think he's going to blame the republicans, larry, for
CNBC
Nov 16, 2012 7:00pm EST
't see that happening. to me remember it used to be 3-1 or 4-1 spending cuts to revenue increases. right now it looks to me like it's 10-1. 10-0. $10 of revenue hikes and no spending cuts, jimmy pethokoukis. >> i think what we're going to get at the end of the day, you're going to get a lot of tax increases, and then you're going to get a lot of promises about caps and mechanisms. be careful of the word "process." there's going to be a process in place for looking at further spending cuts. or entitlement reform. but that's all going to be like tomorrow, the day after tomorrow, the 12th of never. what we're going to get right away are tax increases in an economy that's going to be really slow. it was slow last year, slow before. the economic reports out today, terrible. and we're going to try a little experiment about raising taxes in a lousy economy. hop it works. >> jared, jimmy's got a point. the industrial production number, no matter how you slice it, with the hurricane or without the hurricane, was a lousy number. business equipment continues to fall. that whole capital goods sector
CNBC
Nov 19, 2012 7:00pm EST
of attacks that could throw us into recession? yes. ultra leftist now calling for a 91% tax rate. it is, folks, easily the dumbest thing i have ever heard and don't forget free market capitalism is the best path to prosperity. i'm kudlow. we'll be right back. americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ >> there are new signs that an end to the fighting could be close. negotiations underway with egypt, israel, and turkey in karyo. can israel really trust egypt or turkey? martin fletcher joins us now. >> larry, it's been another day of bitter fighting between palestinians and israels. they have been continuing to bombard targets in gaza. over 110 palestinians, several hundred wounded. the palestinians at a
CNBC
Nov 20, 2012 7:00pm EST
honor the cubicle, and the home office as well. because today it's about all of us. and no matter who you are, you're the commander-in-chief of your own life. ♪ >>> incredible intrusion into your personal freedom. vermont senator the leading democrat sponsoring this bill denies supporting his own bill. what happened? did he miss the part about rights? we have ckathrine mangaward thi is really something. don't need a search warrant to go into your e-mails. in fact you don't even need prob probable cause. this would be an incredible violation of rights. >> if the whole thing aren't such a mess this would be funny. he wants to read our e-mails without a warrant. the reason this bill is being messed around with right now is it was supposed to be dealt with in september but they were worried that it would be harder to read e-mails. let me just read some of the federal aid. krong but all they have to do is declare an emergency and get a subpoena and go in and read your e-mails. tell me why the local authorities don't like this. this is the version they like. what they didn't like was a pr
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